Stock market futures rose after yesterday’s 4.7pc decline left the Standard & Poor’s 500 Index at the cheapest price relative to earnings since 1986. Before today, gold had gained 6.3pc this year, topping $1,000 an ounce on February 20 for the first time in 11 months.

“Another sector rotation could take place with speculative funds abandoning safe-haven assets to pile into oversold equity markets,” said Jon Nadler, a senior analyst at Kitco in Montreal.

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Gold futures for April delivery fell $14.30, or 1.5pc, to $925.70 an ounce at 9.09am on the Comex division of the New York Mercantile Exchange. The metal dropped 6.2pc in the previous six sessions.

Silver futures for May delivery fell 33 cents, or 2.5pc, to $12.74 an ounce. By yesterday the metal had risen 16pc so far this year.